The Pakistan Stock Exchange (PSX) opened on a positive note; however, profit-taking took hold in the second half of the session as investors moved to secure gains ahead of the weekend.

The benchmark KSE-100 Index fell 0.82%, closing at 112,801 points. Despite early optimism, selling pressure weighed on the market, leading to a bearish close.

According to Topline Securities, early optimism was driven by Lucky Cement (LUCK), which surged after announcing a 5-for-1 stock split in a notice to the exchange.

The top positive contributors to the index were LUCK, KTML, SCBPL, TRG, and TGL, collectively adding 162 points.

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On the other hand, CHCC, MCB, ABOT, HBL, and PPL declined, dragging the index down by 300 points. LUCK led trading activity with a turnover of Rs. 3.12 billion, followed by DGKC, FFC, FCCL, and PAEL. The total traded volume for the day stood at 454 million shares, with a market value of Rs. 21.5 billion ($77 million). Market analysts attributed the negative sentiment to weak macroeconomic indicators.

Ahsan Mehanti of Arif Habib Corp noted that stocks closed lower due to dismal Large-Scale Manufacturing (LSM) data, which showed a 3.73% year-on-year contraction in December 2024.

“Concerns over foreign outflows, weak global crude oil prices, and uncertainty surrounding tax reforms ahead of the IMF review also dampened investor confidence,” Mehanti added.